By Raj Sivanathan –

The Colombo Port City project was promoted as the largest foreign investment initiative in Sri Lanka’s history. It promised to transform the nation’s economy by attracting approximately US$15 billion in foreign direct investment, creating more than 80,000 jobs, and positioning Colombo as a leading international financial and commercial hub.

These promises formed the basis upon which Sri Lanka agreed to lease 116 hectares of strategically valuable reclaimed land for 99 years. Such an unprecedented concession was justified on the expectation that it would deliver exceptional economic benefits to the Sri Lankan people.

Several years after the project commenced, it is time for an honest assessment. The question is no longer whether Port City has potential. The question is whether it has delivered the outcomes that justified granting such a long-term lease over one of the country’s most valuable national assets.

A Nation Still Searching for Jobs

Sri Lanka continues to experience a significant outflow of skilled workers. Thousands of graduates, professionals and young people leave the country because they cannot find adequate employment or economic opportunities at home.

If Port City was expected to become a major source of employment, the public deserves to know exactly what has been achieved. How many people are currently employed within Port City? How many are Sri Lankan citizens? How many are under the age of 35? How many are foreign nationals? Most importantly, how close is the project to delivering the promised 80,000 jobs?

Where Is the Investment?

Investment announcements alone do not strengthen an economy. Only actual foreign direct investment creates new businesses, generates employment and contributes to national income.

The Government should publish annual figures showing the actual foreign direct investment received through Port City, the source countries, the sectors involved, and the number of completed projects now in operation. Only verified investment figures—not projected values or future commitments—can demonstrate whether Port City has achieved its original purpose.

Public Land Requires Public Accountability

Of the 178 hectares of marketable land within Port City, 116 hectares were leased for 99 years. Sri Lankan taxpayers deserve complete transparency regarding how this nationally significant land is being utilised.

The Government should disclose how much land has already been leased or transferred, the identity and nationality of investors, the duration and conditions of leases, the proportion occupied by Sri Lankan enterprises, and the land that remains undeveloped.

Following the Money

Transparency must extend beyond land. The public deserves to know how much revenue has been generated through leasing and commercial activities, how much revenue has been received by the Government, the taxes collected, and the total economic return generated for Sri Lanka.

These figures should be compared with the costs incurred in administering the project, including salaries, administration and capital expenditure. A useful indicator would be the amount of public money spent to generate each US dollar of actual foreign direct investment.

Transparency Builds Public Confidence

Investment figures, employment statistics, land allocations, revenue, expenditure and performance indicators should all be published regularly. Transparency is not a burden; it is a fundamental obligation when managing public assets on behalf of the nation.

Foreign Investment Must Benefit Sri Lanka

Sri Lanka needs foreign investment to create jobs, introduce new technology, expand exports and stimulate economic growth. However, investment should never come at the expense of Sri Lanka’s sovereignty, public revenue, employment opportunities or the long-term interests of future generations.

Foreign investment should create shared prosperity—not simply transfer valuable national assets while providing uncertain economic returns.

Time for an Independent National Review

Given the scale of the commitments originally made, the Government should commission a comprehensive independent review of the Port City project. That review should evaluate actual investment received, employment created, revenue generated, land utilisation, governance, transparency and whether the project has achieved the objectives upon which the 99-year lease was granted.

The findings should be tabled in Parliament and released to the public.

If the Promises Have Not Been Delivered

If an independent assessment confirms that the project has failed to achieve the investment, employment and economic outcomes that justified the 99-year lease, the Government should consider renegotiating the existing arrangements or, if legally justified, terminating the lease and restructuring the project so that it better serves Sri Lanka’s national interest.

Conclusion

Colombo Port City remains one of the most ambitious development projects in Sri Lanka’s history. Its success should be measured not by promotional campaigns but by tangible outcomes: investment received, jobs created, revenue generated and opportunities provided to Sri Lankan citizens.

The Sri Lankan people deserve facts, transparency and accountability. If Port City has delivered on its promises, the evidence should be made public. If it has not, the Government must have the courage to reconsider the existing arrangements and ensure that one of the country’s most valuable national assets genuinely serves the interests of Sri Lanka and future generations.